Tether: The Story So Far • Hacker News Board

Re: Tether: The Story So Far

#11

Post by teknopurge » Mon, Oct 28, 2019, 4:52 PM UTC

BubRoss wrote: post #5

repomies691 wrote: post #4

Tether supply is 4.2 billion, Madoff defrauded 60+ billion, so tether is nothing compared to Madoffs scheme. Also, tether is stablecoin - people don't buy it for investment purposes. Patio11 is still sour that he was against bitcoin when it was $1 and it seems to be difficult to get over it, therefore the strongly negative bias towards everything crypto. However if you take into account where the writer is coming for…

Tether has gigantic red flags including not being able to actually exchange it for dollars even though it is pegged to dollars. It's so brazen it's hard to even believe it.

Fractional reserve banking has the same problem, yet provides a real, functional purpose for finance.

Tether has a purpose - to be a savings account is not that purpose.

Re: Tether: The Story So Far

#12

Post by lawn » Mon, Oct 28, 2019, 4:55 PM UTC

repomies691 wrote: post #4

Tether supply is 4.2 billion, Madoff defrauded 60+ billion, so tether is nothing compared to Madoffs scheme. Also, tether is stablecoin - people don't buy it for investment purposes. Patio11 is still sour that he was against bitcoin when it was $1 and it seems to be difficult to get over it, therefore the strongly negative bias towards everything crypto. However if you take into account where the writer is coming for…

Even cryptocurrency advocates should realize that Tether is extremely shady.

Re: Tether: The Story So Far

#13

Post by spurdoman77 » Mon, Oct 28, 2019, 4:58 PM UTC

lawn wrote: post #12

repomies691 wrote: post #4

Tether supply is 4.2 billion, Madoff defrauded 60+ billion, so tether is nothing compared to Madoffs scheme. Also, tether is stablecoin - people don't buy it for investment purposes. Patio11 is still sour that he was against bitcoin when it was $1 and it seems to be difficult to get over it, therefore the strongly negative bias towards everything crypto. However if you take into account where the writer is coming for…

Even cryptocurrency advocates should realize that Tether is extremely shady.

Everything with crypto is shady and something the authorities would prefer not to exist. Nothing new here.

Re: Tether: The Story So Far

#14

Post by arzt » Mon, Oct 28, 2019, 5:01 PM UTC

"Players in the crypto ecosystem will be shocked, shocked to know it got this bad, this quickly, but this has been an open secret for over a year."

----

I'm not entirely in agreement the crypto world will be shocked tether is insolvent. As long the the fiat gateways exist to exit the system with gains intact, most could care less about tether. It's musical chairs.

Re: Tether: The Story So Far

#15

Post by darawk » Mon, Oct 28, 2019, 5:01 PM UTC

Your daily reminder that you can short Tether if you want. All these people writing these articles, and the freely moving market price hovers right around 1:1. Funny how when people are asked to bet, despite the fact that there's almost no risk of loss for shorting it, their convictions disappear.

Re: Tether: The Story So Far

#16

Post by freejulian85 » Mon, Oct 28, 2019, 5:01 PM UTC

patio11 wrote: post #3

kitten_smuggler wrote: post #2

Well, at least the author showcases their bias in the first sentences.

I'd be interested if you think there's anywhere I make a strong claim without appropriately strong evidence. There are a lot of strong claims, but I'm justifiably confident of them. Many of them are cited inline.

You’re clearly biased when you claim without evidence that the primary purpose of bitcoin is speculation.

Re: Tether: The Story So Far

#17

Post by draw_down » Mon, Oct 28, 2019, 5:05 PM UTC

> It remains to be seen whether there will be a lender of last resort who steps in to make Tether holders whole if and when the reserves vanish.

I cannot imagine why any party would be willing to do that.

Re: Tether: The Story So Far

#18

Post by pavlov » Mon, Oct 28, 2019, 5:06 PM UTC

darawk wrote: post #15

Your daily reminder that you can short Tether if you want. All these people writing these articles, and the freely moving market price hovers right around 1:1. Funny how when people are asked to bet, despite the fact that there's almost no risk of loss for shorting it, their convictions disappear.

Where can you sell Tether short in a market that's not controlled by these same unscrupulous manipulators?

Shorting makes sense in regulated public markets with plenty of liquidity. Cryptocurrencies aren't like that.

Re: Tether: The Story So Far

#19

Post by spurdoman77 » Mon, Oct 28, 2019, 5:06 PM UTC

darawk wrote: post #15

Your daily reminder that you can short Tether if you want. All these people writing these articles, and the freely moving market price hovers right around 1:1. Funny how when people are asked to bet, despite the fact that there's almost no risk of loss for shorting it, their convictions disappear.

To short it you must trust the underlying platform, and I think writers like this dont use anything crypto.

Re: Tether: The Story So Far

#20

Post by nostrademons » Mon, Oct 28, 2019, 5:09 PM UTC

pavlov wrote: post #18

darawk wrote: post #15

Your daily reminder that you can short Tether if you want. All these people writing these articles, and the freely moving market price hovers right around 1:1. Funny how when people are asked to bet, despite the fact that there's almost no risk of loss for shorting it, their convictions disappear.

Where can you sell Tether short in a market that's not controlled by these same unscrupulous manipulators? Shorting makes sense in regulated public markets with plenty of liquidity. Cryptocurrencies aren't like that.

Kraken trades USD/USDT directly and will let you short.